CALGARY, AB – CanadaBis Capital Inc., a premium vertically integrated Canadian cannabis company, released its financial results for second quarter fiscal 2024, representing the company’s tenth consecutive quarter generating net revenue. The Company’s Financial Statements and Notes, as well as Management’s Discussion and Analysis (“MD&A”) are filed on SEDAR.
This quarter reflects another period generating positive earnings and Adjusted EBITDA1 for CanadaBis, The Company has allocated capital to innovation designed to remain ahead of competitors and to expand the SKU offering by adding multiple new products for future release. To support the Company’s product enhancement initiatives, we have continued to adjusted our strategy to increase brand awareness and capture market share through an extensive nation-wide campaign designed to equip retailers with enhanced awareness of the various SKUs, programs and educational value-adds to CanadaBis’ wide variety of high-quality, lower-cost products. While such investments can have an impact on results in the immediate quarters, reinvesting in the business is critical to support the Company’s top and bottom line over the longer- term.
Stigma Grow continues to re-formulate concentrate and pre roll lines to meet demands from current clients to maintain larger terpene and cannabinoid profiles across the product offerings while also earning repeat sales. With these ongoing improvements, coupled with demand for our award-winning Infused Pre-rolls, Electric Dartz, Live Rosin Vapes and High-CBD Cartridges, CanadaBis anticipates continued positive performance in remainder of Fiscal 2024, while maintaining prudent financial management.
Financial Highlights for Q3 2024
- Revenue: $ 7.1 million
- Net Income: $ 3.97 million
- Adjusted EBITDA: $ 5 million
- Operational Costs: Reduction by 20 %, showcasing improved operational efficiency.
CEO’s Message
“Canadabis Capital’s performance in Q3 2024 was robust, driven by our strategic investments and continuous efforts to optimize our operational efficiencies,” said Travis Mcintyre, Chief Executive Officer of Canadabis Capital. “We are focused on enhancing shareholder value through prudent financial management and forward-thinking strategies in the evolving cannabis market.”
Operational Highlights
- Expansion of Portfolio: At the tail end of Q3 2024, Canadabis Capital successfully Launched the first 60% THC pre roll into the Canadian Market, seeing excellent up take by the provincial bodies.
- R&D Investments: The company invested in research and development to expand its product offerings and improve Manufacturing processes.
- Partnerships: A strategic partnership was established with a Distribution company in Portugal, enhancing our distribution network and market penetration.
CFO’s Insights
“Our financial discipline and strategic focus on high-growth opportunities have been key in delivering these continued positive results,” said Garfield Richards, Chief Financial Officer of Canadabis Capital. “The reduction in operational costs combined with revenue growth highlights our commitment to drive profitability and sustainable growth.”
Future Outlook
Looking ahead, Canadabis Capital remains optimistic about the growth potential within the cannabis industry. The company plans to further diversify its SKU portfolio, enhance product innovation, and strengthen its market position in both domestic and international markets.
“We believe the future holds remarkable opportunities for growth as the cannabis sector continues to gain momentum globally,” added Travis Mcintyre. “Our strong financial foundation and strategic vision position us well to capitalize on these opportunities.”
ABOUT CANADABIS CAPITAL INC.
CanadaBis Capital Inc. (TSXV:CANB) is a vertically integrated Canadian cannabis company focused on achieving large-scale growth, from cultivation to retail, in the fast-emerging global cannabis market. By targeting organic growth opportunities alongside the right-fit partners, we remain focused on finding and capitalizing on chances to grow, diversify and continue to lead our industry.
ABOUT STIGMA GROW
Stigma Grow is a cutting-edge cannabis cultivation and extraction company positioned advantageously to meet the unmet market demands and stigmas within the legal cannabis industry head on, with products designed to disturb the status quo and dramatically shift the conversation surrounding Canada’s legal cannabis industry.
